WhiteWave Foods reports record fourth quarter and full year 2015 results
Expects continued strong growth in 2016
DENVER, Colo. – February 11, 2016 – The WhiteWave Foods Company (NYSE: WWAV) today reported record results for the fourth quarter and full year ended December 31, 2015.
WhiteWave reported fourth quarter 2015 adjusted diluted earnings per share of $0.36, excluding operating costs associated with its China joint venture. Including joint venture costs, WhiteWave reported fourth quarter 2015 adjusted diluted earnings per share of $0.34. Full year 2015 adjusted diluted earnings per share grew 19 percent to $1.19, excluding investments associated with its China joint venture, compared with full year 2014. Including these investments, WhiteWave reported full year 2015 adjusted diluted earnings per share of $1.12.
Net sales for the fourth quarter 2015 were $1,028 million, a 13 percent increase from net sales of $911 million in the fourth quarter 2014. For full year 2015, adjusted net sales were $3,867 million, a 13 percent increase from net sales of $3,437 million in full year 2014. These results were driven by strong growth in the Americas and Europe Foods & Beverages segments, as well as contributions from acquisitions, and were partially offset by declines in the Americas Fresh Foods segment resulting from sales disruptions from an SAP implementation and an intentional reduction in fresh fruit sales.
On a constant currency basis, adjusted net sales increased 15 percent in fourth quarter and 15 percent in full year 2015, when compared to fourth quarter and full year 2014, respectively. Excluding acquisitions, adjusted organic constant currency net sales increased 8 percent in fourth quarter and 9.5 percent in full year 2015, when compared to fourth quarter and full year 2014, respectively.
Adjusted operating income for fourth quarter 2015 increased 30 percent to $114 million, compared to $87 million in fourth quarter 2014. For full year 2015, adjusted operating income increased 24 percent to $375 million, compared to full year 2014 adjusted operating income of $304 million. On a constant currency basis, adjusted operating income increased 34 percent in fourth quarter 2015 over the same period in 2014, and increased 28 percent in full year 2015 over the same period in 2014.
“Our strong fourth quarter results closed out another record year at WhiteWave. We continued to generate significant organic growth behind our core brands, with our recent acquisitions delivering on our growth expectations,” said Gregg Engles, chairman and chief executive officer. “As part of our record 2015 accomplishments, we completed the two highly strategic acquisitions of Vega and Wallaby, opened a new state-of-the-art research and development facility, launched an array of new and innovative products and further expanded and improved our supply chain capabilities. With our broadened portfolio of brands in growing categories that are aligned with enduring consumer trends, we look forward to delivering another year of strong results in 2016.”